Trade Forex Trading

MetaTrader 4 Candlesticks Charts

A chart serves as a visual graphic representation detailing the fluctuation of a gold instrument's price over a defined temporal span.

It is drawn on a grid, and the user can pick which gold chart timeframe they want to use for trading. Traders might decide to use charts that show hourly trading, daily trading, or even charts that show 1-minute timeframes.

Three methods are utilized to draw charts. The techniques employed to create the charts determine their type.

Chart Types: Candlestick, Bar, and Line Charts

  1. Line charts
  2. Bar charts
  3. Candles charts - Most popular

MT4 Line Charts

A single line is drawn from 1 closing price to the next, shaping a continuous line.

This type of chart offers minimal information and is therefore not widely favored by traders or investors. It is rarely utilized in trading or investment practices.

Line Chart for Gold: this kind of chart doesn't show key details about how the price moves, like the opening price, the highest price, and the lowest price, which aren't shown on the graph.

This type of XAU/USD line chart is regarded as sketchy by technical analysts.

The chart below displays an example of a xauusd line chart.

XAUUSD Chart Types: Candles Lines Bars - Create Candle Charts in Trading Software

MT4 Bar Charts

Gold bar charts graphically represent price intervals with clear markers for opening, closing, high, and low points. The distinctive bar-like shape of these charts gives them their name.

  • Bar Charts - bar chart has got a vertical bar representation showing/illustrating the overall total price movement.
  • Left horizontal bar the opening
  • Right horizontal bar the closing
  • High & low denoted by the highest and lowest point

Bar charts can be tough to use. This is true when they are small. Analysis gets hard during market trades. That's why traders and investors skip them.

Bar and Candle Charts for XAUUSD in MT4 - Draw Candlesticks Tutorial

XAUUSD Bar Charts on MT4: Candles and Drawings

A Bar chart that isn't zoomed in makes it hard to view the opening & closing price such as shown by this example:

Bar Charts in Gold

MetaTrader 4 Candlesticks Charts

Candlestick charts rank as the top choice for traders. They look like candles, hence the name.

Candlestick charts visually articulate the opening value, the closing value, the highest peak attained, and the lowest trough reached during a specified time segment.

The difference between the opening price and the closing price is referred to as the body of the candlestick.

Candlestick charts for XAUUSD are among the most favored by online traders due to their analytical ease. These charts also supply substantial data regarding price movements, making them the most commonly utilized charting format for XAUUSD trading.

MT4 Candlestick Chart Functionality - Procedures for Drawing Candlestick Charts on the Platform

Candles Charts

Below is an example of candles charts. To learn and know more about candle-sticks charts, study this tutorial: Technical Analysis of Japanese Candle Sticks Setups in XAUUSD.

Charting Types for XAU/USD: Analyzing Candlesticks, Lines, and Bars, with an Emphasis on Candle Patterns

How to Choose These Chart Types in MT4 Platform

To create any type of chart visualization in the MT4 Platform Software, a user can employ the control buttons situated beneath on the MT4 application interface.

Chart Types Guide: Candles, Lines, and Bars

Drawing Charts on the MT4

  • To Choose a Bar Chart Click the Bar Button

  • To Select a Candles Chart Click the Candlestick Button

  • To Choose a Line Charts - Press the Line Button

Get More Tutorials and Topics:

XAUUSD Broker